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Key Features of Magma Bike Insurance
Here are some of the main key features of the Magma bike insurance plan:| Key Features | Explanation |
|---|---|
| Easy Online Purchase | You can buy or renew Magma bike insurance online by entering basic bike details. |
| Multiple Coverage Options | Offers Third-Party Bike Insurance and Comprehensive Bike Insurance plans. |
| Own Damage Cover | Covers damage to your bike caused by accidents, fire, theft, or natural disasters. |
| Legal Compliance | Helps you meet legal requirements, as third-party insurance is mandatory in India. |
| Add-On Covers | Optional add-ons like personal accident cover can be added for extra protection. |
| Cashless Repairs | Repairs can be done at 4000+ network garages without paying for approved claim expenses. |
| Simple Claim Process | Claims can be registered easily with minimal documentation. |
| Digital Policy | The policy document is shared digitally for easy access anytime. |
| No Claim Bonus (NCB) | You get a discount on renewal premium if no claim was made earlier. |
| Affordable Premium | Offers reasonably priced insurance plans for different bike types. |
Bike Insurance Plans By Magma
Benefits of Magma Bike Insurance
Here are the key benefits of choosing Magma Insurance Bike Insurance:
- 01
Protects your bike from damage
Covers repair costs if your bike is damaged due to accidents, fire, theft, or natural calamities.
- 02
Covers third-party liability
Pays for injury or property damage caused to others in an accident, as required by law.
- 03
Saves money with No Claim Bonus
You receive a premium discount at renewal if no claim is made during the policy year.
- 04
Cashless repair facility
Approved repairs can be done at network garages without paying upfront.
- 05
Optional add-on covers
You can add extra protection, such as personal accident cover, for wider safety.
- 06
Easy online process
Buying, renewing, or accessing the policy can be done online without paperwork.
- 07
Simple claim support
Claims can be registered easily with assistance from the insurer.
Inclusions and Exclusions of Magma Bike Insurance
What it Covers
Here is what is generally covered under Magma Insurance Bike Insurance:
Covers injury or property damage caused to a third party.
Covers damage to your bike due to accidents or collisions.
Covers loss of the bike due to theft.
Covers damage caused by fire, explosion, or self-ignition.
Covers damage due to natural events like floods, earthquakes, storms, or cyclones.
Covers damage caused by riots, strikes, or other man-made disturbances.
Allows optional add-ons for wider protection.
What Does it not Cover
The policy does not cover the following situations:
Damage due to regular wear and tear or ageing of parts.
Mechanical or electrical failure not caused by an accident.
Riding the bike without a valid driving licence.
Riding under the influence of alcohol or drugs.
Damage caused during racing, stunts, or speed testing.
Intentional or deliberate damage to the bike.
Damage caused by unauthorized modifications.
Depreciation of parts unless a Zero Depreciation add-on is chosen.
Documents Required for Magma Bike Insurance
You usually need the following documents to buy or renew the policy:Bike Registration Certificate (RC)Valid Driving LicenceAadhaar Card or PAN CardEngine or chassis number of the bikePrevious policy details, if applicable
Step 1: Visit the official website of Magma General Insurance.Step 2: Go to the Products section and select Motor Insurance.Step 3: Click on the Bike Insurance option.Step 4: Select Buy Online to start the process.Step 5: Enter your personal details and the required bike information to continue.Step 6: Enter your mobile number, email ID, and pin code.Step 7: Select the policy type—Third-Party, Standalone, or Comprehensive.Step 8: Choose add-on covers, if needed.Step 9: Adjust the Insured Declared Value (IDV).Step 10: Pay the premium using UPI, net banking, or a debit/credit card.Step 11: Receive the policy document instantly on your registered email ID.
You can also buy the bike insurance from the official website of Magma Bike Insurance using these simple steps:Step 1: Go to the Square Insurance website and click on Bike Insurance.Step 2: If your bike is new, choose “Got a New Two-Wheeler.”Step 3: If it is not new, enter your bike number and click “View Plans.”Step 4: Select your RTO, bike brand, model, variant, and registration year.Step 5: Look at the plans from different insurance companies and pick one you like.Step 6: Add extra covers if needed and set the IDV close to last year’s value.Step 7: Pay online using a card, UPI, or net banking.Step 8: You will get your policy by email within a minute.